Features and Benefits of Canara HSBC Child Life Insurance Plans

Smart Junior Plan Canara HSBC is a child plan which provides guaranteed payouts to secure the future of your little one. The plan provides multiple policy terms and premium payment terms from which you can choose the best policy term aligning with the age and requirements of your child. Smart Junior Plan Canara HSBC can be a considerable pick if you require guaranteed payouts during the education milestone of your child’s life. One of the salient features of the plan is the waiver of premium in case of the death of the life assured. 

Best features of Smart Junior Plan Canara HSBC 

The most notable features of Smart Junior Plan Canara HSBC are as follows-

• Guaranteed payouts- The plan provides guaranteed annual payouts at the end of each of the last 4 policy years before the maturity year to cater the educational needs of your child. 
• Multiple Policy Terms- The plan provides multiple policy terms which ensure that you get the best suited policy term matching  your child's age and future education milestones .
• Bonuses- The plan ensures increment in the savings corpus via adding annual bonus and final bonus. - 
• Loan Facility- Smart Junior Plan Canara HSBC Plan allows you to avail policy loans where the loan amount cannot exceed 80% of the surrender value. The minimum loan amount is INR 20,000. 
• High Sum Assured Rebate- The plan provides a rebate on the premium payable by the life assured, if sum assured is higher than or equal to INR 4 Lakh. 
• Paid-up Policy- After the end of grace period, if the premium for 2 years has been fully paid, the policy turns into a paid-up policy which has reduced benefits in case of non payment of the premium. 
• Revival- The lapsed/paid-up policy can be revived within 2 years starting from the first date of due premium. 

Benefits of Smart Junior Plan Canara HSBC 

The key benefits provided by Smart Junior Plan Canara HSBC are explained below- 

1. Survival Benefit

In case of the survival of the life assured during the policy term, guaranteed annual payouts are paid at the end of each of the last 4 policy years before maturity. The amount of annual payouts are elaborated in the below table-

2. Maturity Benefit

In case of the survival of life assured till maturity, guaranteed sum assured on maturity equivalent to 20% of sum assured along with accrued annual bonuses and final bonus is payable as maturity benefit. After the payment of such benefit, the policy will terminate. 

3. Death Benefit

In case of an unfortunate demise of the life assured, the following benefits are payable as death benefit- 

A. Immediate Lump Sum Benefit

The immediate lump sum benefit is highest of the following- 

• Sum assured
• 10 times the annualised premium
• 105% of all the premiums paid till the date of the death. 

B. Guaranteed annual payouts 
C. Guaranteed sum assured on maturity
D. Bonuses